BC launches oil and gas royalty assessment

The regional government has said it will begin reviewing the region’s oil and gas royalty system.

The regional government has said it will begin reviewing the region’s oil and gas royalty system.

In a statement issued on Thursday, the Ministry of Energy stated that the current royalty system was established in 1992 under the Petroleum and Natural Gas Royalty and Freepold Production Tax Regulations, but said that natural gas production had “significantly changed” due to global concerns about climate change.

Deep Well The Royalty Credit Program was created in 2003 to offset the high cost of drilling and completion of deep wells.

In a statement, Bruce Ralston said: “The BC Royality system was established decades ago and it has taken a long time to ensure that the overall assessment meets the needs of British Colombians.” The evaluation process we are initiating will allow the public to have their say on a new, modern system of government that meets our goals for sustainable economic development.

The government also announced a review of the royalty system at Simon Fraser University, Nancy Oleville, and Calgary University Professor Jennifer Winter. The ministry said its assessment would support the preparation of a discussion paper on options for establishing a modern royalty system to be released in November.

“The government is taking this situation very seriously and will work to reform the current system, which will eliminate obsolete, ineffective fossil fuel subsidies and ensure the fair return of British Colombians to our resources,” Ralston said.

The ministry says it will hold public consultations with industry, stakeholders, first governments and the public. The ministry said the results of the royalty assessment would be released in February 2022.

Read the full review report below:

BC Royal Review Review by Alaska Highway News on Scribd

Email Management Editor Matt Preprost editor@ahnfsj.ca

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